Moody's lowers Unitek

Moody's Investors Service said it lowered Unitek Global Services, Inc.'s corporate family rating to Caa2 from Caa1 and probability of default to Caa2-PD from Caa1-PD.

Concurrently, Moody's said it lowered the rating on Unitek's revolving credit facility to B2 and the rating on the bank term loan to Caa3.

All of the company's credit ratings remain under review for further downgrade.

Unitek's speculative-grade liquidity rating was affirmed at SGL-4, the agency said.

These actions follow the company's 8-K filing on May 16, which stated that Unitek's subsidiary, DirectSat USA, LLC, received a letter from DirecTV, LLC providing 180-day notice of the termination of its master services agreement with DirectSat, effective Nov. 8, the agency said.

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